Jain Irrigation has target of Rs 112: Bhamre

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Jain Irrigation has target of Rs 112: Bhamre

Siddharth Bhamre of Angel Broking is of the view that Jain Irrigation has target of Rs 112.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Siddharth Bhamre See what other Experts & Brokerages are saying about Jain Irrigation See messages about Jain Irrigation

Siddharth Bhamre of Angel Broking is of the view that Jain Irrigation has target of Rs 112.

Bhamre told CNBC-TV18, "We generally have been contra and conservative guys in terms of picking up stock futures but then momentum is so strong and especially if you see in midcaps we are sticking to the trend which usually most of the technicians follow that is breakouts and we are seeing lot of stocks; in last few trading sessions we have seen stocks like Sintex , Aurobindo Pharma , BGR Energy , these are some of the names which I am taking which we have recommended and we are still long, we continue to go long."

He further added, "On January 30 Jain Irrigation has seen huge fall of 10% but volumes were not that great and again there is a pickup in cash market activity and the open interest is reducing that is those shorts which got formed are getting covered, so this stock can again show 10-12% upside move, fix a stoploss of Rs 95 and target of Rs 112."

"We also like Videocon Industries , it is going through some problem but if you see Rs 168 to Rs 170 is a good support. That stock can take support at these levels and then short covering in few fresh formations of long positions that can take this stock to Rs 186. So probably you can fix a stop loss somewhere around Rs 165-164 and go long over here. So these are few names but we are sticking to midcaps as well as largecaps."

"Cement sector being at 52 week high, if we look at TCS , Infosys and Wipro all these three names are moving upwards despite rupee appreciating. I think these guys can also show a breakout and which can take market higher. Today people are just seeing the price movement and are commenting about the overbought zone but if you look at the F&O perspective you are not seeing much of buying taking place even from FIIs, you commented some 13,000 crore figure of FIIs but this is not pure long positions and we are happy about it because if market corrects there won't be any long unwinding pressure from F&O perspective. So this rally has lot of legs and we would see quite high levels in market in coming trading sessions."